Net Profit Falls 19% From a Year Earlier

PARIS—Total SA was hit by the same mix of declining refining margins and high exploration costs that have slammed its European rivals in the fourth quarter, causing its earnings to slide.

The French oil major said on Wednesday that fourth-quarter net profit totaled €1.61 billion ($2.18 billion), down 31% from €2.34 billion a year earlier. When adjusted for changes in inventories, the figure dropped 19% to €2.47 billion from €3.04...